Remote patient monitoring market to grow 26 percent by 2014
Remote patient monitoring technologies will play a major role in U.S. healthcare, a recent report by healthcare market research firm Kalorama Information determines. The research predicts that the market for remote monitoring devices--like blood glucose monitors, ECGs and blood pressure cuffs--will skyrocket over the next four years.
Kalorama projects the market to grow 26 percent overall, from $6 billion this year to more than $18 billion by 2014.
Hospitals remain the primary drivers of remote monitoring technology, the report says, as a cost-saving, and efficiency-improving measure. In the future, however, patients may well boost the market even further. Workers will use tele-conference visits, remote vital sign checks and other technologies to avoid spending sick days on routine doctor's office visits or checkups, Kalorama analysts say.
One interesting new player Kalorama sees coming onto the scene: Large corporations looking to promote wellness and improve productivity. Kalorama officials profiled one of their clients, NuPhysicia--a software vendor created by the University of Texas--that links physicians to employees for diagnostic and medical care with online video technology. The four-year-old company is making a name for itself providing remote physician visits to workers on offshore oil rigs.
What's more, the remote monitoring market continues to evolve, with big dog AT&T adding MedApps to its mobile health portfolio. The telecommunications giant is bundling MedApps' remote care monitoring tools into its larger healthcare suite. MedApps' products include a portable HealthPal device with built-in blood glucose and blood pressure monitors, plus a scale and pulse oximeter.